Pouch.ph, a Bitcoin payment firm that was launched in 2021, has announced that it will soon be enabling over 400 small businesses in the Philippines to accept and process Bitcoin as a form of payment for goods and services.
Paying with Bitcoin in the Philippines (IMAGE CREDIT: www.alamy.com)
In a press release shared by the company with fintechnewsph.com, the platform stated that one of the most significant challenges faced by small businesses nowadays is the limited availability of payment methods, with credit cards charging fees of up to three percent.
“By simply enabling the use and acceptance of Bitcoin as a payment method, the Philippines can already open up opportunities for individuals without credit cards or local fiat currency to make online or in-store purchases,” said Ethan Rose, Chief Executive Officer of Pouch.ph.
To turn this vision into a reality, the Pouch.ph CEO said they intend to tap into the vast pool of merchants in the country ranging from mom-and-pop stores (small, independent and often family-owned businesses) to boutique hotels.
“We are helping businesses open up a vast market that was previously untapped,” he added. The firm is connecting the Philippine economy with the Lightning Network to ensure that Filipinos can seamlessly operate on this new payment standard.
Rose believes that by embracing Bitcoin, small businesses will be able to capitalize on the increasing number of Internet and smartphone users in the Philippines while offering customers more diverse and convenient payment options.
Local businesses in PH now embracing Bitcoin payments
According to the press release, some local businesses in Boracay, a popular tourist destination and now considered the country’s “Bitcoin Island,” have already embraced Bitcoin payments through Pouch.ph.
It noted that more than 250 local businesses in Boracay, including convenience stores, cafes, hotels, and restaurants, have already enrolled with the company and have since integrated Bitcoin payments into their daily operations.
Expanding its services beyond Boracay, Pouch.ph also noted that it has successfully onboarded merchants in cities such as Cebu City, Dumaguete, Iloilo, and Bacolod City. In Metro Manila, establishments such as URBN QC, Draper Startup House, and KosneyLand have also already started accepting Bitcoin payments through Pouch.ph.
Erielyn Gaston, the owner of Kasbar restaurant, talked about the advantages of accepting Bitcoin, saying that it has allowed her to attract a wider range of customer base and helped her increase sales.
For his part, Marcel Selfer, Market Manager of TIB, praised the convenience of a fast and easily available payment service, noting that it provides an alternative to high fees charged by non-bank ATMs for credit card users.
Faster, more affordable, and user-friendly digital payments
Pouch.ph currently utilizes the Lightning Network built on top of Bitcoin to offer faster, more affordable, and user-friendly digital payments.
With this payment protocol, customers can pay by simply scanning a merchant’s QR code with any Bitcoin wallet. Pouch.ph will convert the Bitcoin to Philippine pesos, and then transfer the funds directly to the merchant’s bank or mobile money account.
Aside from receiving payments, some partner merchants can now also use Pouch.ph for their payroll.
The company now also offers a Batch Pay feature, enabling business owners to send payments instantly to employees, suppliers, and other recipients, simplifying payment processes.
To facilitate Bitcoin transactions, individuals can simply utilize BTCMap.org to locate merchants that accept Bitcoin payments. Pouch.ph plans to extend its Batch Pay services for over-the-counter remittances through LBC, M Lhuillier, and Palawan Pawnshop.
